Month: April 2021

Exam focus   Risk assessment and planning normally makes up a significant number of marks of the exam. It is also essential for all areas of the exam that you are able to assess the materiality of a matter.   Read More …

 Exam focus   covers aspects of running an accountancy firm such as winning new business and setting fees. Common requirements cover:   Matters to be included in a tender proposal.   Evaluating the suitability of an advertisement.   Factors to Read More …

Exam focus   A common requirement in the exam is to critically evaluate the audit work already performed on an engagement and identify if the audit has been carried out to the required standard of quality. If the firm does Read More …

Exam focus   Professional issues are usually examined alongside ethical issues but can be examined in their own right. Typical exam questions may ask for respective responsibilities of management and auditors in respect of fraud & error or laws & Read More …

Exam focus   Professional and ethical considerations are a key element of the syllabus and will feature in every exam.   A typical requirement will ask you to evaluate the ethical and professional issues in a scenario. Note that this Read More …

Definition   is the process by which criminals attempt to conceal the true origin and ownership of the proceeds generated by illegal means, allowing them to maintain control over the proceeds and, ultimately, providing a legitimate cover for their sources Read More …

The need for assurance services   Assurance professionals provide reports that give an independent opinion as to whether the subject matter complies with pre-determined criteria. This enables the end user of that information to place more or less reliance on Read More …

Regulatory environment Money laundering Code of ethics and conduct Professional responsibilities and liability Quality control Practice management Planning, materiality and assessing the risk of misstatement Group and transnational audits Evidence Completion and review Reporting Audit-related services Review of interim financial Read More …

Test your understanding 1 – Cookie   Cookie, a company, prepares its financial statements in accordance with International Financial Reporting Standards. It has investments in two other companies, Biscuit and Cracker. The statements of financial position of all three companies Read More …

1 Purpose of chapter   The P2 UK paper   This chapter contains the additional syllabus content required for those who are sitting the P2 UK paper.   If you are sitting the P2 INT paper then you do not Read More …